Congratulations! You have reached a point in your commercial adventure where you can move your start-up business’s operations out of your garage and into your first official working space. You may have hired one or two employees, invested in some office equipment and now need to expand your headquarters.
Yes, it is overwhelming that you are about to truly spread your wings and fly off into the unknown- renting and finding your start-up’s first office can be a taxing process. Let’s go get you your ideal first office! But before you embark on your search for a suitable commercial space, you may want to consider the following few tips which were kindly shared by http://securemoveservices.co.uk :
Numbers always speak for themselves and the first thing you must do is to determine your budget. Review your finances and see to what extent you can stretch it. Factor in fixed expenses other then your leasing costs: consider internet bills, electricity, tea, water, technology, and other additional employees you may keep on different working contracts.
For instance, to meet your IT needs, you my employ a part-time IT specialist. What kind of marketing and advertising methodologies do you intend to deploy? What does your budget allow? When you have managed to predict and list down all your costs, then it is time to calculate the level of monthly revenue you need to generate in order to break even. This will give you a clear idea of the amount of office space you can afford, and you can search accordingly.
Amount of Space
Check your district’s requirements in terms of how much square footage is required per individual. Our recommendation is to allocate a thousand square feet for four to six employees. Everyone should be able to fit in comfortably without intruding on each other’s personal space.
Be mindful of your future growth and expansion plans as well. In case you plan to hire more personnel and invest in more resources, it may be helpful to get a lease with the right to do to that.
Current Employee Needs
Since you are just starting out and probably only have a handful of employees on board, you can actually consider what may work for them whilst searching for your first office space. Ask them where they work and how long it takes them to commute.
From there, you can find a space that is convenient for everyone to travel to on a daily basis. Creating such a caring organizational culture from the point of inception will help you retain employees and help build the base of employee loyalty- that is the backbone of truly successful start-up firms.
Make sure there are some parking options available. After all, you may have clients visiting as well and saving them the hassle of parking will earn you some serious brownie points in their eyes.
Once you have determined the above variables, following are the types of working spaces you can consider.
Co-Working Office Spaces
If you have a lower budget and need some flexibility, contemplate going for this working alternative. Not only will you get an incredible value for your money, but you will be around other start-ups who can inspire you further with their energy and motivation. There is a whole world of shared offices out there.
Choose from a diverse range of individual dedicated desks to complete meeting rooms. Here’s an awesome little tip for you: book by the hour, week or month – it is completely up to you and gives you the flexibility to pay accordingly. Hey, if you can find a shared working space with another company that compliments the services you offer – do not hesitate and propose a collaborative campaign.
If you are a photographer and launching your own studio- imagine finding a shared space with an event planning company. The latter can recommend you to be the photographer at events he works and share your details with both proposed and current clientele.
Rent Office Space
As happy as we are to share our tips in the hopes to ease this process for you, do remember that nothing is set in stone and there are other decisional office routes available. Note that specific benefits are attached with leasing your own working space.
As you are solely responsible for your own costing decisions, it will be clear what your share is as well (basically one hundred percent!) and there will be no confusion upon how to divide utility bills. It will also improve your general creditworthiness in the eyes of your bank – in case you need a business loan at a later stage.
Maintenance and property management will not be your responsibility as it will probably be included in your leasing contract. if you realize that the office is too big for your current needs, you will have an exit clause available to you. The good thing is that you will be free from the headache to sell or lease the office space and can leave it up to your landlord or agent.
There may be a time stamp placed on your rented office space and may require you to vacate at the end of it if there is no clause for renewal. Of course, your landlord also holds the right to increase your rent as he deems fit (according to the laws of course). This would have an adverse impact on your cashflow.
Of course, another thing to note that is everything is negotiable. Do not agree to the first rental price your landlord gives you and to your real estate agent. There is always some leeway for negotiation. Depending on the current market dynamics, maybe you can get a free month of rent.
For example, if you are on a two-year leasing contract, then request if you can get one or two months rent free of cost. However, before proposing all this, evaluate your potential landlord’s demeanour and see if he is an open, friendly character who can be approached with such requests.